On February 9, the American professional baseball team based in Washington, D.C., the Washington Nationals, announced the team has partnered with Terra, the open-source blockchain platform and decentralized autonomous organization (DAO). The Washington Nationals detail that the team is a “leading innovator” and is “consistently introducing new technologies to enhance the fan experience.” Washington Nationals Ink Long-Term Deal With Terra Major League Baseball (MLB) team the Washington Nationals has partnered with the blockchain platform and DAO Terra, according to an announcement published by the team on Wednesday. The deal with Terra follows a slew of sports-related deals with crypto firms, but the MLB team will be the first to partner with an open-source blockchain project. In addition to the partnership, the algorithmic stablecoin UST that’s issued on the Terra blockchain will be “accepted as a payment method at Nationals Park as early as next season.” “The Nationals continue t...
On Tuesday, Deutsche Börse Group, marketplace manager for the trading of shares and other securities, explained the company has acquired a major stake in Crypto Finance AG. The move adds to Deutsche Börse’s extension into the cryptocurrency industry in order to provide custody solutions and a “direct entry point for investments.”
Deutsche Börse Group to Expand Further Into Digital Currency Ecosystem
Deutsche Börse Group’s latest announcement explains that the company wants to build a trusted and regulated cryptocurrency ecosystem in Europe. The financial institution that rakes in €2.936 billion ($3.5 billion) in revenue annually explained it has obtained a majority stake in Crypto Finance AG.
The Switzerland-based Crypto Finance AG is a digital currency-focused finance organization that offers the storage, investment, and trading of crypto assets to professional clients. As a member of Deutsche Börse Group, the company will scale while also assisting Deutsche Börse’s expansion into new financial territories.
In a press statement, Deutsche Börse explains that it plans to make Crypto Finance AG’s products and offerings more accessible. “The goal is to establish a neutral, transparent, and highly scalable digital asset ecosystem under European regulation,” the Frankfurt-based marketplace manager explained. “Digital assets will transform the financial industry,” Thomas Book, executive board member for trading and clearing at Deutsche Börse remarked.
Crypto Finance AG’s Services Complement Deutsche Börse’s Recent Offerings
The Deutsche Börse executive further added that Crypto Finance AG’s services and products complement the marketplace manager’s recent offerings. This includes 360X, a DLT-based platform for serial marketplace creation, and centrally-cleared crypto exchange-traded notes (ETNs). Book said there’s been “increasing demand” for crypto products and trusted partners. The founder of Crypto Finance AG, Jan Brzezek, will remain the leader of the company and still retains “significant personal holdings.”
“Since the beginning, our goal was to bridge the old and new worlds,” Brzezek said in a statement. “This is why we are excited to team up with a neutral partner like Deutsche Börse, who brings trust, reputation, and expertise in traditional financial market infrastructure.” According to the announcement, the acquisition deal was a “moderate three-digit CHF million range” and other terms were not disclosed. Both parties are expected to settle the deal by Q4 2021 if they gather regulatory approval.
“Deutsche Börse will hold a two-thirds majority in the 2017 founded fintech that has received multiple awards,” Deutsche Börse concluded. “The remaining shares stay with existing investors, including CEO and founder Jan Brzezek, who will continue to lead and manage the business.”
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